Founder of the famous Streaming Platform, Netflix, Reed Hastings is stepping down as CEO but will remain as the chairman, the corporation revealed on Thursday along with its earnings report.
Ted Sarandos who is the co-CEO will continue to stay in his position. Greg Peters who is most recently chief operating officer will take Hastings’ place as co-CEO. Peters will also enter the firm’s board of directors.
“I want to thank Reed for his visionary leadership, mentorship, and friendship over the last 20 years. We’ve all learned so much from his intellectual rigor, honesty, and willingness to take big bets — and we look forward to working with him for many more years to come,” said Sarandos in a written statement.
Source: cnbc.com
In 1997, Reed Hastings co-founded Netflix. Sarandos was named co-CEO along with Hastings in July 2020, during the same time Peters was named COO. The firm did not say if it would fill the position of COO.
Reed Hastings declared on Thursday that he will remain as executive chairman for several more years to come. He steps down as the streaming behemoth tries several moves to increase subscribers as well as recover from a slump in recent quarters.
Hastings wrote in a blog post on Thursday that period of the past two and a half years “was a baptism by fire, given COVID and recent challenges within our business.”
Source: cnbc.com
Reed Hastings steps down as CEO on the day the firm reports 223 million paid users worldwide. The firm is now a major player in content creation as well as distribution, and it lately bargained a limited theatrical release for Rian Johnson’s Glass Onion film.
It’s also rising its gaming business, beginning with mobile titles and hinting at bigger plans in the works.
The leadership transition occurs as Netflix introduces ad-supported streaming and tightens password and account sharing limitations. Both actions were publicly opposed by Hastings till last season’s drop in users, the first in a decade going back to the Qwikster debacle, compelled the company to reconsider its stances.
Bela Bajaria, the firm’s global head of television, will also take over as chief content officer as part of the executive shuffle. Scott Stuber, the former head of global film, will take over as chairman of Netflix Film.
The leadership declaration coincides with the release of the firm’s fourth-quarter earnings report. Netflix met Wall Street’s revenue expectations while adding millions more subscribers than expected.
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